C++ program Assuming there are no deposits other than the original investment, t

Question

C++ program

Assuming there are no deposits other than the original investment, the balance in a savings account after one year may be calculated as:

Amount = Principal * (1 + Rate/T) ^T

where Principal is the balance in the account, Rate is the annual interest rate, and T is the number of times the interest is compounded during a year. (e.g., T is 4 if the interest is compounded quarterly.)

Write a program that asks for the principal, the interest rate, and the number of times the interest is compounded. It should display a report similar to the following:

Interest Rate: 4.25%

Times Compounded: 12

Principal: $ 1000.00

Interest: $ 43.33

Final balance: $ 1043.33

In addition, your program should also ask user her/his full name ( first, and last name) and display the following message : ( if the user's name is John Doe and amount in savings is $1043.34)

John Doe has a total amount of $ 1043.34 in the savings account.

Explanation / Answer

#include<iostream.h>

#include<math.h> // used for pow() function

#include<iomanip.h>

#include<string.h> //used for string function

using namespace std;

int main()

{

double Principal;

double Interest_Rate;

double Compound;

string fname,lname, fulName;

cout<<"What is your First name ?:"<<endl;

cin>>fname;

cout<<"What is your Last name ?:"<<endl;

cin>>lname;

fullName = fname + lname;

cout<<" How much amount do you want to invest/deposit?:" <<endl;

cin>>Principal;

cout<<"What rate of interest you want ?:" <<endl;

cin>>Interest_Rate;

cout<<"How many times has your interest been compounded?:" <<endl:

cin>>Compound;

double temp = 1 + (Interest_Rate/Compound);

double amount = Principal * pow(temp,Compound);

cout<< "Interest Rate: "<<Interest_Rate * 100 <<endl;

cout<<"Times Compounded: "<<Compound<< endl;

cout<<"Principal: $"<< Principal <<endl;

cout<<"Interest: $"<< Interest_Rate * Compound <<endl;

cout<<"Final balance: $"<< amount <<endl;

cout<<fullName " has a total amount of $" <<amount <<"in the saving account"<<endl;

system("pause");

return 0;

}

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